A closely followed crypto analyst is predicting a historic rally for altcoin markets based on an unprecedented technical setup.
The pseudonymous analyst known as TechDev shares a chart with his 532,000 followers on the social media platform X showing the price action of TOTAL2 – which tracks the total market cap of crypto assets excluding Bitcoin (BTC) and stablecoins – with a Bollinger Band indicator.
Bollinger Bands are a technical analysis tool used to assess price volatility and identify potential breakout or mean-reversion opportunities. When the bands are close together, it suggests that volatility is historically low and the asset is potentially due for a big move.
According to TechDev, the Bollinger Bands are tightly contracted for TOTAL2, suggesting that a huge burst to the upside for altcoins is imminent.
“Altcoin compression is at a record high.
Expansion will be unlike anything the market has seen.”
The analyst also believes that, based on the overall business cycle, Bitcoin is nowhere near its top.
“Re-evaluate your top calls.”
TechDev also uses the copper-to-gold ratio as a signal pointing to a likely massive Bitcoin surge.
The copper/gold ratio, often viewed as a proxy for investor risk appetite, has formed a bottom similar to 2020 and 2016, which preceded BTC bull runs, according to TechDev.
“The steep part lies ahead.”
At time of writing, Bitcoin is trading at $107,165, up 4% in the last seven days.
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The post Rallies Unlike Anything the Market Has Seen About To Kick Off for Crypto, According to Analyst appeared first on The Daily Hodl.
